Real Estate Mentors..

11 Replies

I am just beginning real estate investing, i have been reading, and learning for about 3 months and have done some minor marketing for deals, have gone to a number of REIA's also, made some connections, but haven't gotten any deals yet. I realize that I am spinning my wheels because I desperately need DIRECTION from a MENTOR! a big problem is, is that I don't really have $ to spend on it. I see these local mentorship programs charge many $1000's to join, upfront! I would be more than willing to give up at least 50% (even 75%) of the profit on any deals I would generate in exchange for hands on guidance from a mentor..Anyone have advice for me?? Or does anyone know of someone in the Baltimore,MD area who would be willing to guide me? Thanks so much!!

@Jake K. I used to think that I didn't have mentors starting out because I never paid for a "mentorship" program. In reality, my lender (who is the same age as me) mentored me quite a bit during the initial purchase of my Lyons 4 unit property. This deal was over a 30% COC return year 1, and I would have walked if not for him.

Mentoring is really just timely advice and someone to bounce the occasional idea off of. The mentor isn't going to do the work for you. Most people who are worth having as a mentor don't want part of your smaller deal. They are already successful, and will probably give you 5 minutes of advice for free. 

I’m not an expert and definitely don’t know it all, but I’ll mentor you for the low low price of 200 payments of $19.99!!

Kidding aside, the best mentors are people you can add value to. You don’t need to have a mentor walk you through the whole process, you just need someone to bounce ideas off of (I’ll do that for free if you want).

I’ve found the best success so far just being authentic and offering to help people. If you do that and actually provide good value, they’ll naturally look to provide their own value back to you. You do that enough times and before you know it you’ve got several mentors.

Feel free to reach out

Originally posted by @John Warren :

@Jake K. I used to think that I didn't have mentors starting out because I never paid for a "mentorship" program. In reality, my lender (who is the same age as me) mentored me quite a bit during the initial purchase of my Lyons 4 unit property. This deal was over a 30% COC return year 1, and I would have walked if not for him.

Mentoring is really just timely advice and someone to bounce the occasional idea off of. The mentor isn't going to do the work for you. Most people who are worth having as a mentor don't want part of your smaller deal. They are already successful, and will probably give you 5 minutes of advice for free. 

Hi John,

First of all, nice deal you made!..You know, that is a really interesting insight! In retrospect, what I do need is someone to bounce ideas off of and also to point me in the general right direction. And I suppose most mentors,real ones, dont need my little deals..ty

Originally posted by @Caleb Heimsoth :

I’m not an expert and definitely don’t know it all, but I’ll mentor you for the low low price of 200 payments of $19.99!!

Kidding aside, the best mentors are people you can add value to. You don’t need to have a mentor walk you through the whole process, you just need someone to bounce ideas off of (I’ll do that for free if you want).

I’ve found the best success so far just being authentic and offering to help people. If you do that and actually provide good value, they’ll naturally look to provide their own value back to you. You do that enough times and before you know it you’ve got several mentors.

Feel free to reach out

Hi Caleb,

Haha:) maybe you shoud've made it 200 payments of $19.97 (just like every guru does in ending every price with a "7") then I would have done it..just kidding:)

I think your advice is good, I have heard that also..my issue is, what could I possibly add value to for a seasoned and experienced investor?

P.S. btw I see you all over BP and you seem to be working hard at reaching your goals..Have you done deals recently?

@Jake K. yeah I bought a house like 2  weeks ago lol.  That’s my third since last April.  Next one should be this summer or so! 

First off to your question, there are different levels of “seasoned” investors.  I’ve only done 3 deals.  I’m not an expert, I just read and breathe this stuff a lot.  So I’m knowledgeable.  Then you got guys who have done this for 30 years.  Point is you can find someone who’s done say 10 deals over 2-3 years and have them walk you through some stuff.  

Best way to learn this stuff is just doing.  I’ve made mistakes (nothing to bad yet) but you learn as you go.  First deal is the hardest

I am yet to acquire a close mentor but I am starting to get more help/opportunities to help them by adding value. Many are willing to give you a few minutes of their time,especially if they are older, probably because that is what is important to them at that stage in life; helping young people. I picture that if all my dreams come true and I can invest in real estate full time plus a good amount of money I would enjoy showing off my savy to the youngins.

Originally posted by @Caleb Heimsoth :

@Jake K. yeah I bought a house like 2  weeks ago lol.  That’s my third since last April.  Next one should be this summer or so! 

First off to your question, there are different levels of “seasoned” investors.  I’ve only done 3 deals.  I’m not an expert, I just read and breathe this stuff a lot.  So I’m knowledgeable.  Then you got guys who have done this for 30 years.  Point is you can find someone who’s done say 10 deals over 2-3 years and have them walk you through some stuff.  

Best way to learn this stuff is just doing.  I’ve made mistakes (nothing to bad yet) but you learn as you go.  First deal is the hardest

Congrats! good luck on the other deals..

Good idea! I dont need to necessarily shoot for the stars, I have spoken to a few "middle ground" investors at REIA's that I could call..And I coudnt agree more on your point of "just doing" I have been making some actual effort to get going but have been stopped short at times, which is where I could use that push or direction..Ty appreciate it!

Originally posted by @Cody Evans :

I am yet to acquire a close mentor but I am starting to get more help/opportunities to help them by adding value. Many are willing to give you a few minutes of their time,especially if they are older, probably because that is what is important to them at that stage in life; helping young people. I picture that if all my dreams come true and I can invest in real estate full time plus a good amount of money I would enjoy showing off my savy to the youngins.

Hi Cody,

Yeah I agree, especially if its enjoyable to you and you have "made it" then it would feel good to give back..I did meet a seasoned investor at a REIA who has been doing this for 30 years and kind of hinted to him if he could mentor me but he basically said he doesnt have the time now but he would be available for advice here and there, so that is good

I think you have to get to know them more before hinting at that sort of thing. Im just seeing how I can help them out, you can learn a lot just doing that.

I was looking for the same thing when I started buying property 3 years ago. My brother-in-law spent most of his career doing commercial real estate and when I mentioned to him that we wanted to do residential he spent hours telling us all the horror stories he dealt with years ago. He said we would be crazy to do home rentals. He has never offered to help or has given me one ounce of advice since we started buying homes. I think he hoped we would fail so he could say I told you so.

My wife's former father-in-law owns several single family homes and has done rentals for over 30 years. He was pretty helpful when I asked him questions but told me to hire a property manager because I didn't know what I was doing.  I was kind of bummed out after he said that.

My handyman was actually more positive and inspirational. He said I know you're a smart guy and you do really good work. You may struggle a little at first but I know you'll figure things out and do just fine.

We've done really good so far and done it almost 100% on our own. I would say the same thing to you that my handyman said. You're going to make mistakes, we all do. Find a good deal, move forward, and make it work. If you run into a problem Google search for a solution or come on here and ask. There are many helpful people on here that can probably answer your question or point you in the right direction.

I'd be willing to help new investors out if they don't mind sharing their questions with others on Facebook Live.  I've been investing in notes & properties for 20+ years